I didn't expect this, but the NFT market didn't give investors any surprises this Christmas season. The latest data shows that the total market capitalization of NFTs in December has already fallen to $2.5 billion, compared to the high of $9.2 billion at the beginning of the year, a direct halving with a decline of 72%.

This decline is really no small matter. What's more heartbreaking is the issue of market enthusiasm—during the first three weeks of December, weekly NFT sales have not broken $70 million, further declining compared to November's performance. I originally thought there might be some improvement at the end of the year, but instead, it has shown a continuous weakening trend.

The underlying reason is quite obvious: market participants are clearly decreasing. As fewer players enter the market, trading volume naturally declines, and the vitality of the entire ecosystem is gradually suppressed. Under this vicious cycle, it is not easy for the NFT market to turn around.